Getting auto loan pre-approval online make things easier when you visit the dealership to pick up your new or used vehicle. The pre-approval process begins by visiting the website of an online lender or a captive finance company (GMAC, Ford Motor Credit, Chrysler Financial, Mercedes-Benz Financial, etc.) to submit a credit application.
Many lenders will make an approval decision very quickly and will inform you via email or phone that your application has been approved. In some cases, your credit decision will be forwarded directly to the dealership, or you will be given an access code that will allow the dealership to retrieve the credit decision to secure your financing. Others lenders, particularly those that are not connected to a manufacturer, may email a document with approval information or send you a “blank check” in the mail that you can use at any dealership to finance up to the maximum for which you have been approved.
While completing pre-approval applications, some lenders may have additional questions or require additional documentation, such as proof of income and proof of address, from you before approving the loan. In any case, once the loan is approved you can be certain that you got a great loan with a great interest rate, as the lender will not “mark up” the rate in the fashion a dealership may.
If you do have any difficulties completing an online application, contact the Internet manager at your local dealership, as they will be able to offer assistance not only with the application but also with the vehicle selection process that will come later on.